标签归档 西安桑拿

　　The picture shows people watching the Chinese New Year decoration of the zodiac "Rabbit" in a shopping mall in Kuala Lumpur, Malaysia.

　　Zhang Wen’s comprehensive photo (Xinhua News Agency)

　　The picture shows the theme tram of the Spring Festival in the Year of the Rabbit driving on the streets of Rome, Italy.

　　Xinhua News Agency reporter Jinma Mengni photo

　　On January 14th, at the issuing ceremony of the Year of the Rabbit Zodiac stamps held in Paris, France, stamp designer Chen Jianghong showed the commemorative stamps of the Year of the Rabbit Zodiac.

　　Xinhua News Agency reporter Gao Jingshe

　　The picture shows tourists shooting rabbit lanterns at Trafalgar Square in London, England.

　　Xinhua News Agency reporter Li Yingshe

　　2023 is the year of Guimao Rabbit in China lunar calendar. All over the world, the elements of the zodiac "rabbit" can be seen everywhere, and it has become a well-deserved "protagonist" in this year’s Spring Festival.

　　Zodiac culture is an important part of China traditional culture. In recent years, China Zodiac culture has gradually become a unique landscape of global multiculturalism, which is loved by more and more people of other ethnic groups in the world. This year’s Spring Festival, China’s "rabbits" spread all over the world, which is a vivid example of the wide spread of the zodiac culture in the world. In an interview with this reporter, several overseas Chinese believe that the Zodiac culture has become a spiritual bond linking the national identity of Chinese sons and daughters and an important bridge to promote the communication between Chinese and foreign people.

　　Zodiac elements are dazzling.

　　Zodiac stamps, square lanterns, street posters, shopping mall decorations, theater screens … … Around the Spring Festival in the Year of the Rabbit, the China zodiac "Rabbit" appeared in the eyes of people in many countries in the world with colorful artistic forms.

　　In Trafalgar Square, London, England, colorful rabbit lanterns and Nelson Memorial Column lit up "Happy New Year 2023" set each other off; At the entrance of the Lion King Theater in Madrid, Spain, the animated short film of the zodiac "Rabbit" is scrolled on the big screen, and the poster of the zodiac "Rabbit" is fluttering in the wind on the street not far away; In the pedestrian street in downtown Helsinki, Finland, the ice sculpture exhibition with rabbit as the theme element complements the flaming lanterns and lively lion dance performances … … Surrounded by a dazzling array of Chinese zodiac "rabbit" elements, not only overseas Chinese feel the strong "flavor of the year" of China in a foreign country, but also many foreign people are more curious about the traditional culture of China.

　　"In the middle and late January of this year, both the United Nations Postal Service and the United States Postal Service continued their tradition for many years and successively issued commemorative stamps for the China Lunar Year of the Rabbit." Referring to the "rabbit" element of the zodiac around him, Li Rong, vice president of the new york Association for the Promotion of Peaceful Reunification and president of the Yunnan Business and Culture Association, said, "Almost everywhere! There are eye-catching rabbit decorations in major shopping malls, and there are rabbit shapes on the parade floats of carnival activities. Many Chinese and local residents dress up their children as rabbits, and some toy manufacturers produce a large number of rabbit plush toys that are widely welcomed by the market. Various kinds of Spring Festival celebrations have been organized in the Chinese Society of the Overseas Chinese Mission in the United States, and naturally there is also the zodiac ‘ Rabbit ’ 。”

　　Recently, a video about Australian Prime Minister Anthony Albanese and overseas Chinese in Melbourne celebrating the Spring Festival became popular on social media. In the video, Albanese was invited to participate in the "2023 Shengshi Baima New Year Carnival" hosted by overseas Chinese in Melbourne. He sat in his seat and excitedly showed his red tie with rabbit patterns to the guests around him. "Prime Minister Albanese is a rabbit, so he likes his tie very much and will be happy with everyone ‘ Show off ’ Some time. " On the same day, Nanjing Jing, president of Australia Jingchuang Culture Media, also participated in the event and was deeply impressed by this scene: "It can be seen that the influence of Australian zodiac culture in China is not trivial."

　　For some time, a golden rabbit mascot "Year of the Rabbit" with a height of 5.3 meters, a width of 3.3 meters and a weight of 280 kilograms has attracted people’s attention in Jonker Street, the historical city of Malacca. Tian Loo Gan, vice president of Malaysian Chinese Public Relations Association, said that during the Spring Festival this year, Jonker Street continued the custom since 2012, that is, erect giant zodiac mascots outdoors on the street. This activity of erecting outdoor giant zodiac mascots has already become the "highlight" of Jonker Street in the Spring Festival every year, and it is also one of the punch-in spots for tourists to visit. In addition, local Chinese in Malaysia also integrate the elements of the Chinese zodiac into the dragon and lion dance culture every year. This year’s rabbit model is full of creativity and is deeply loved.

　　"This year, rabbit-shaped lanterns also appeared on the streets of Munich, Germany." Tang Zhihong, head of Huaxing Art Troupe in Munich, Germany, said that before and after the Spring Festival every year, the mainstream media in Germany would report and introduce China’s annual zodiac. Many Germans are very interested in China’s Zodiac culture, and they also know their birth year’s Zodiac.

　　Overseas, China Zodiac culture has brought creative inspiration to many Chinese artists.

　　Around the Spring Festival this year, Chinese Canadian artist Zhang Shufeng was extremely busy. In addition to finishing snow sculpture’s works in front of his own house, he was also invited by the Montreal municipal government to finish snow sculpture’s works in the municipal park. "Last October, the Montreal municipal government sent me a letter inviting me to be a snow sculpture in the municipal park during the Spring Festival, and the city councilor personally took me to the office to discuss the plan. My first thought is to be the snow sculpture Rabbit, because 2023 is the Year of the Rabbit in China. At that time, the municipal government also readily agreed to my proposal. " Finally, Zhang Shufeng made two big snow sculpture rabbits in the municipal park, and at the same time made a statue of snow sculpture mother and son rabbits at home. "After that, the Montreal Municipal Park held a carnival, which was unprecedented. The mayor personally came to congratulate him, and the mainstream media in Canada and online media reported on the event. Snow sculpture rabbit is especially ‘ Steal the mirror ’ 。” Zhang Shufeng said proudly.

　　The image of the zodiac is deeply loved.

　　This year is the third year that Zhang Shufeng has made snow sculpture’s works at home. In the past three years, no matter how other snow sculpture’s works change, snow sculpture’s works, which are worthy of the New Year’s Zodiac, will never be absent. "The zodiac is a treasure of China traditional culture. No matter where the descendants of the Chinese people go to the earth, they are always with them, which is an indelible mark. For overseas Chinese, the zodiac is also the bond and basis for tracing the source. In addition, animals are not only the objects that human beings love together, but also the artistic themes that different nationalities in the world like to see and hear, and it is also a bridge between different nationalities and multiculturalism. " Zhang Shufeng said.

　　"The rabbit image is closely related to the Easter culture in the West and is easily accepted." Tang Zhihong introduced: "In Germany, Easter has a traditional custom ‘ Painting eggs ’ And ‘ Looking for eggs ’ . These two games need parents and children to complete together. In children’s fairy tales, eggs are born by lively rabbits, because rabbits can give birth to bunnies and are a symbol of vigorous vitality. "

　　"In the United States, China’s zodiac culture is deeply rooted in people’s hearts. The popularity of zodiac knowledge is high. " Li Rong said that many Americans’ understanding of the Lunar New Year in China began with the zodiac. Some Americans affectionately refer to the China Zodiac as the "China constellation". Whenever overseas Chinese celebrate the Spring Festival, some Americans will curiously ask questions related to the "China constellation", and many locals will also take the initiative to search for their birth year’s zodiac on the Internet.

　　"Zodiac culture still has great influence in Malaysia, especially in the Chinese community. Basically, every Chinese born and raised in Malaysia knows something about the zodiac culture and knows his own animal sign. " Tian Loo Gan said, in my daily life, I like to introduce the activities, works and decorations related to the Lunar New Year’s Zodiac to the Chinese new generation, including the album of New Year’s greetings with the elements of the Zodiac, so as to make them interested in the Zodiac culture and further understand the significance of the Zodiac culture.

　　Zodiac culture connects China and foreign countries

　　From the obvious increase in the number of people visiting snow sculpture’s works to being invited to the school to give a demonstration of snow sculpture’s production, Zhang Shufeng really felt: "Canadian locals have more understanding and interest in China’s traditional culture, including the zodiac culture." "This year, when a local mainstream TV station came to interview, a reporter’s assistant wore a red hat and told me that she was a rabbit as soon as she came up; In the municipal park, a tall local youth, wearing a red down jacket, deliberately showed me the color of his clothes and excitedly said that he was a rabbit. " In addition to the popularity of the Zodiac culture in the local area, Zhang Shufeng was delighted to find that the atmosphere of celebrating the New Year overseas has also changed: "Local artists brought China ‘ Fu ’ Word gift to pay a New Year call and ask me how to use China dialect ‘ Happy New Year ’ . When I walk in the street, my local neighbors will say ‘ Happy Chinese New Year’ 。”

　　"Since living in Germany, in the process of accompanying my children to grow up, I will not only explain the story behind the zodiac to the children, but also introduce the zodiac culture to local friends in Germany." Tang Zhihong said that there is a story full of China’s wisdom behind each of the 12 Zodiacs, and many good wishes and hopes have been placed on it. The zodiac animals are all animal images, which are very friendly and easily accepted and loved by foreign friends. They are excellent carriers for spreading Chinese culture.

　　"The zodiac is a cultural bridge to promote the communication between Chinese and foreign people." Li Rong said that on the one hand, all ethnic groups in the world have a sense of closeness to animals and are willing to understand the story behind the zodiac; On the other hand, the mysterious astrology culture behind the zodiac is similar to the western astrology, which is easy to stimulate people’s interest in understanding. "In the past, we introduced China Zodiac culture to overseas friends through traditional ways such as singing and dancing and storytelling. In the future, in addition to following these methods, we can also attract more young people’s attention and expand the communication and influence of the zodiac culture through innovative means such as social media and digitalization. "

　　"Zodiac culture contains profound essence of Chinese culture. With animals as the main carrier, the zodiac culture is approachable, which can make it easier for people of different ethnic groups in the world to cross cultural barriers, and then appreciate the charm of Chinese culture and promote the communication between Chinese and foreign people. " Tian Loo Gan said that in the future, overseas Chinese in should continue to spread the China Zodiac culture with the Spring Festival as the main carrier. In addition, more Chinese zodiac elements can be added to the festive decoration and solar terms activities of overseas Chinese in Malaysia.

　　"The zodiac culture is easy to understand and has a strong recognition. Promoting the zodiac culture can open a window for the new generation of Chinese and other ethnic groups overseas to understand Chinese culture. " Nanjing Jing said, first of all, let the zodiac become a common and daily social topic like a constellation; Secondly, fully tap the market potential of the zodiac culture, innovate the peripheral derivatives of the zodiac culture, and integrate the zodiac culture into all walks of life such as fashion, food and internet.

Chapter I General Principles

the first　In order to strengthen the equity management of securities companies, protect the legitimate rights and interests of shareholders, customers and other stakeholders of securities companies, and promote the sustained and healthy development of securities companies, these Provisions are formulated in accordance with the People’s Republic of China (PRC) Company Law, the People’s Republic of China (PRC) Securities Law (hereinafter referred to as the Securities Law), the Regulations on the Supervision and Administration of Securities Companies and other laws and administrative regulations.

the second　These Provisions shall apply to securities companies established in People’s Republic of China (PRC) according to law.

Article　The equity management of securities companies should follow the principles of classified management, excellent qualification, clear rights and responsibilities, clear structure, orderly change, openness and transparency.

Article 4　Shareholders of securities companies shall abide by laws and regulations, the provisions of China Securities Regulatory Commission (hereinafter referred to as China Securities Regulatory Commission) and the articles of association of the company, adhere to the concept of long-term investment, exercise their rights and perform their obligations according to law.

Securities companies should strengthen the management of equity affairs, improve the corporate governance structure, and improve the risk management and internal control system.

China Securities Regulatory Commission and its dispatched offices follow the principle of prudent supervision, and carry out penetrating supervision and classified supervision on the equity of securities companies according to law.

Article 5　According to the shareholding ratio and its influence on the operation and management of securities companies, the shareholders of securities companies include the following four categories:

(1) Controlling shareholder refers to a shareholder who holds more than 50% of the shares of a securities company or a shareholder whose voting rights are sufficient to have a significant impact on the resolutions of the shareholders’ meeting of a securities company, although the shareholding ratio is less than 50%;

(2) Major shareholders refer to shareholders who hold more than 25% of the shares of securities companies or the largest shareholders who hold more than 5% of the shares;

(3) Shareholders holding more than 5% of the equity of the securities company;

(4) Shareholders holding less than 5% of the shares of a securities company.

Article 6　When a securities company is established, the China Securities Regulatory Commission shall approve its registered capital and shareholding structure in accordance with regulations.

A securities company that increases its registered capital, undergoes major adjustments in its shareholding structure, reduces its registered capital, or changes its shareholders or actual controllers holding more than 5% of the shares shall report to the China Securities Regulatory Commission for approval according to law.

If a securities company changes its registered capital or equity, which does not involve the circumstances listed in the preceding paragraph, it shall, within 5 working days after the company registration authority handles the registration of the change, file with the agency dispatched by the China Securities Regulatory Commission where the company is domiciled. The provisions of this paragraph shall not apply to the equity changes of securities companies in stock exchanges and the national share transfer system for small and medium-sized enterprises (hereinafter referred to as the share transfer system).

Chapter II Qualifications

Article 7　Shareholders holding less than 5% of the equity of a securities company shall meet the following conditions:

(1) It and the institutions it controls have a good reputation, and have no record of major violations of laws or regulations or major bad credit records in the last three years; There is no case of being sentenced to punishment for intentional crime, and the execution of punishment has not been completed for more than 3 years; It is not under investigation or in the period of rectification due to suspected major violations of laws and regulations;

(2) There are no circumstances that affect the performance of shareholders’ rights and obligations, such as long-term failure to actually carry out business, suspension of business, bankruptcy liquidation, lack of governance structure and failure of internal control; There is no guarantee, lawsuit, arbitration or other major matters that may seriously affect the continuing operation;

(3) The ownership structure is clear and penetrates to the ultimate rights and interests holder layer by layer; In principle, wealth management products are not allowed in the ownership structure, except those approved by the China Securities Regulatory Commission;

(4) There is no serious social doubt or serious negative social impact caused by dishonesty or non-compliance on itself and the institutions it controls, and the impact has not been eliminated; There is no situation that it has been responsible for the business failure of the invested enterprise for less than 3 years;

(5) Other conditions stipulated by the China Securities Regulatory Commission based on the principle of prudential supervision.

The provisions of this article shall not apply to shareholders who have obtained less than 5% of the shares of a securities company through transactions in stock exchanges and share transfer systems.

Article 8　Shareholders holding more than 5% equity of a securities company shall meet the following conditions:

(1) The conditions stipulated in Article 7 of these Provisions;

(two) there is no net assets less than 50% of the paid-in capital;

(3) There is no contingent liability reaching 50% of the net assets;

(4) There is no situation that the debts due cannot be paid off;

(5) Its net assets are not less than 50 million yuan.

Article 9　A major shareholder of a securities company shall meet the following conditions:

(1) The conditions stipulated in Article 8 of these Provisions;

(2) Its net assets are not less than 200 million yuan, its financial position is good, it has sustained profitability, its assets, liabilities and leverage levels are moderate, and it has sustained capital replenishment ability matching the business of the securities company;

(3) Its corporate governance is standardized, its management ability is up to standard, and its risk control is good;

(4) The experience in conducting financial-related business matches the business scope of the securities company and can provide support for enhancing the comprehensive competitiveness of the securities company;

(5) To formulate a reasonable and effective risk disposal plan for the situation that the securities company may be unable to operate normally due to risks.

Article 10　The controlling shareholder of a securities company shall meet the following conditions:

(1) The conditions stipulated in Article 9 of these Provisions;

(2) Holding shares in a securities company is consistent with its long-term strategy, which is conducive to serving the development of its main business;

(3) It has practical plans and arrangements for improving the governance structure of securities companies and promoting the long-term development of securities companies;

(4) There is a clear self-restraint mechanism for maintaining the independence of the operation and management of securities companies and preventing the transmission of risks and improper benefits.

Article 11　Where the business engaged by a securities company is obviously leveraged and there are cross risks among multiple businesses, its major shareholders and controlling shareholders shall also meet the following conditions:

(a) the last three years of continuous profit, there is no uncompensated loss;

(2) Long-term credit has remained at a high level in the last three years, and its scale, income, profit, market share and other indicators have been at the forefront of the industry in the last three years.

The controlling shareholder shall also meet the following conditions:

(a) total assets of not less than 50 billion yuan, net assets of not less than 20 billion yuan;

(two) the core business is outstanding, and the main business has been profitable for the last five years.

The provisions of this article shall not apply to the special circumstances recognized by the China Securities Regulatory Commission, such as the merger of securities companies or the takeover of custody due to major risks.

Article 12　The proportion of shares of securities companies held by shareholders who are related or acting in concert shall be calculated on a consolidated basis; Among them, the shareholder with the highest shareholding ratio or the shareholder in a controlling or leading position in the related relationship and the concerted action relationship shall meet the requirements of shareholders in the corresponding category of total shareholding ratio.

After a shareholder becomes a shareholder in a securities company, if the category of shareholders changes due to the adjustment of the equity structure of the securities company, it shall meet the requirements for shareholders of the corresponding category after the change.

Article 13　The actual controller of more than 5% equity of a securities company shall comply with the provisions of Items 1 to 4 of Article 8 of these Provisions. The actual controller of a securities company shall also comply with the provisions of Item 5 of Article 9 and Items 3 and 4 of Article 10 of these Provisions.

Article 14　Where a limited partnership shares in a securities company, it shall also meet the following requirements:

(1) A single limited partnership enterprise shall not control 5% of the shares of a securities company, except as approved by the China Securities Regulatory Commission. If the executive partner or the first limited partner of two or more limited partnerships are the same or there are other related relationships or concerted action relationships, the shareholding ratio shall be calculated on a consolidated basis.

(two) the general partner responsible for the implementation of limited partnership affairs shall meet the conditions stipulated in Article 7 of these Provisions.

Article 15　Where a company-based fund shares in a securities company and entrusts a fund manager to manage the equity of the securities company, the fund shall belong to the industrial investment fund actually controlled by the government and have been registered by the relevant state departments, and the provisions of Article 14 of these Provisions shall apply mutatis mutandis.

Article 16　If a non-financial enterprise shares in a securities company, it shall also meet the following requirements:

(a) in line with the relevant guiding opinions of the state on strengthening the supervision of non-financial enterprises investing in financial institutions.

(two) the proportion of a single non-financial enterprise actually controlling the equity of a securities company shall not exceed 50% in principle.

Chapter III Requirements for Equity Management

Article 17　The office of the board of directors of a securities company is the office of the equity management affairs of the securities company, and organizes and implements the work related to the equity management affairs.

The chairman of a securities company is the first person in charge of the equity management affairs of a securities company. The secretary of the board of directors of a securities company assists the chairman in his work and is the person directly responsible for the equity management affairs of the securities company.

Article 18　When a securities company changes its registered capital or equity, it shall formulate a work plan and criteria for selecting shareholders. The securities company and the equity transferor shall inform the interested participants in advance of the conditions of shareholders of the securities company, the procedures to be performed, the operating conditions and potential risks of the securities company.

The securities company and the equity transferor shall conduct due diligence on the intended participants and agree on the follow-up measures for the unqualified intended participants. If it is found that it does not meet the conditions, it shall not sign an agreement with it. If the relevant matters need to be approved by the China Securities Regulatory Commission, it shall be agreed that the agreement will take effect only after approval.

Article 19　In the process of changing the registered capital or equity of a securities company, the securities company shall agree with the relevant subjects in advance on the measures to deal with the possible violations of regulations or commitments, clarify the accountability mechanism for the responsible person, and cooperate with the regulatory agencies to investigate and deal with them.

Article 20　A securities company shall make arrangements for risk prevention during the change of registered capital or equity to ensure the normal operation of the company and the interests of customers are not harmed.

Where the approval of the China Securities Regulatory Commission is required according to law, before the approval, the shareholders of the securities company shall continue to exercise their voting rights independently according to the proportion of the shares held, and the transferor of the equity shall not recommend the relevant personnel of the transferee to be the directors, supervisors and senior managers of the securities company, and shall not transfer the voting rights in any form in disguised form.

Article 21　Shareholders of securities companies should fully understand the rights and obligations of shareholders, fully understand the management status and potential risks of securities companies, have reasonable investment expectations and true willingness to contribute, and perform necessary internal decision-making procedures.

Article 22　Shareholders of securities companies shall perform their capital contribution obligations in strict accordance with laws and regulations and the provisions of the China Securities Regulatory Commission.

Shareholders of securities companies shall use their own funds to buy shares in securities companies, and the sources of funds are legal, and may not use non-own funds such as entrusted funds to buy shares, unless otherwise stipulated by laws and regulations.

Article 23　Shareholders of securities companies shall truthfully, accurately and completely explain the ownership structure up to the actual controller, ultimate rights holder, and the relationship with other shareholders or the relationship of concerted action, and shall not evade the examination and approval or supervision of shareholders’ qualifications of securities companies through concealment or deception.

Article 24　The number of shareholders of securities companies and their controlling shareholders and actual controllers shall not exceed two, of which the number of controlling securities companies shall not exceed one. The following circumstances are not included in the number of securities companies that participate in or control shares:

(1) The proportion of directly holding and indirectly controlling the equity of a securities company is less than 5%;
　　(2) Holding shares in other securities companies through the securities companies under its control;
　　(3) A securities company holds shares in other securities companies;

(4) Transitional arrangements made for the merger and reorganization of securities companies;

(5) the State Council is authorized to hold the equity of a securities company;

(six) other circumstances identified by the China Securities Regulatory Commission.

Article 25　Securities companies should keep the equity structure stable. The holding period of shareholders of a securities company shall comply with laws, administrative regulations and the relevant provisions of the China Securities Regulatory Commission. 　

The actual controller of the shareholders of a securities company shall abide by the same lock-up period as that of the shareholders of the securities company, except for the cases recognized by the China Securities Regulatory Commission according to law.

Article 26　The shareholders of a securities company shall not pledge the equity of the securities company they hold during the equity lock-up period. After the expiration of the equity lock-up, the proportion of the equity held by the shareholders of a securities company shall not exceed 50% of the equity held by the securities company.

Where a shareholder pledges the equity of a securities company, it shall not harm the interests of other shareholders and securities companies, maliciously evade the requirement of the equity lock-up period, stipulate that the pledgee or other third party shall exercise shareholder rights such as voting rights, or transfer the control right of the equity of a securities company in disguise.

Article 27　Securities companies should strengthen the examination of shareholders’ qualifications, verify the information of shareholders and their controlling shareholders, actual controllers, related parties, concerted parties and ultimate rights holders, and master their changes, judge the influence of shareholders on the operation and management of securities companies, report or disclose relevant information in a timely, accurate and complete manner according to law, and perform approval procedures when necessary.

Article 28　A securities company shall write the regulatory requirements on equity management, such as the rights and obligations of shareholders, the lock-up period of equity, the person in charge of equity management affairs, etc., into its articles of association, and specify the following contents in the articles of association:

(1) The major shareholders and controlling shareholders shall replenish capital to the securities company when necessary;

(2) Shareholders who should have been approved by the regulatory authorities or have not filed with the regulatory authorities, or shareholders who have not completed the rectification, shall not exercise the rights to request, vote, nominate, propose and dispose of the shareholders’ meeting;

(3) Shareholders who make false statements, abuse shareholders’ rights or engage in other behaviors that harm the interests of securities companies shall not exercise their rights to request, vote, nominate, propose and dispose of shareholders’ meetings;

(4) Measures to deal with shareholders, securities companies, persons in charge of equity management affairs and relevant personnel in case of illegal or improper behaviors related to equity management affairs that violate laws, administrative regulations and regulatory requirements.

Article 29　Securities companies should strengthen the management of related party transactions, accurately identify related parties, strictly implement the related party transaction examination and approval system and information disclosure system, avoid damaging the legitimate rights and interests of securities companies and their clients, and report related party transactions to the China Securities Regulatory Commission and its dispatched offices in a timely manner.

A securities company shall manage its shareholders and their controlling shareholders, actual controllers, related parties, concerted parties and ultimate rights holders as its own related parties in accordance with the penetrating principle.

Article 30　Shareholders of securities companies and their actual controllers shall not commit any of the following acts:

(a) false capital contribution, false capital contribution, withdrawing capital contribution or withdrawing capital contribution in disguise;

(two) in violation of laws, administrative regulations and the provisions of the company’s articles of association, interfere with the operation and management activities of securities companies;

(3) abusing rights or influence, occupying the assets of securities companies or clients, transferring benefits, and harming the legitimate rights and interests of securities companies, other shareholders or clients;

(4) Requiring a securities company to provide financing or guarantee for itself or its related parties in violation of regulations, or forcing, instructing, assisting or accepting a securities company to provide financing or guarantee with the assets of its securities brokerage clients or securities asset management clients;

(five) improper related transactions with securities companies, using the influence on the operation and management of securities companies to obtain illegitimate interests;

(six) without approval, entrust others or accept others to hold or manage the equity of a securities company, and accept or transfer the control right of the equity of a securities company in disguise;

(seven) other acts prohibited by the China Securities Regulatory Commission.

A securities company, its directors, supervisors, senior managers and other relevant entities shall not cooperate with the shareholders of the securities company and their actual controllers in the above-mentioned situations.

When a securities company discovers that the shareholders and their actual controllers have the above-mentioned situations, it shall take timely measures to prevent the violations from getting worse, and report to the dispatched office of China Securities Regulatory Commission at its domicile within 2 working days.

Chapter IV Penalty Rules

Article 31　If a securities company changes its equity-related matters without performing legal procedures, the China Securities Regulatory Commission or its dispatched office shall handle it in accordance with the provisions of Article 218th of the Securities Law.

Article 32　If any unit or individual holds or actually controls more than 5% equity of a securities company without approval, the China Securities Regulatory Commission or its dispatched office shall handle it in accordance with the provisions of Article 71 of the Regulations on the Supervision and Administration of Securities Companies.

If any unit or individual entrusts others or accepts others’ entrustment to hold or manage the equity of a securities company without approval, or subscribes, accepts or actually controls the equity of a securities company, the China Securities Regulatory Commission or its dispatched office shall handle it in accordance with the provisions of Article 86 of the Regulations on the Supervision and Administration of Securities Companies.

Article 33　Where the shareholders of a securities company make false capital contributions, make false capital contributions, withdraw their capital contributions or withdraw their capital contributions in disguised form, the China Securities Regulatory Commission or its dispatched offices shall handle the matter in accordance with the provisions of Article 151 of the Securities Law.

Article 34　In the process of administrative licensing, if the relevant subject conceals relevant information or provides false materials, the China Securities Regulatory Commission or its dispatched office shall handle it in accordance with the provisions of Article 78 of the Administrative Licensing Law.

If the relevant subject obtains the approval of the administrative license related to the stock right of a securities company by improper means such as concealment or deception, the China Securities Regulatory Commission or its dispatched office shall handle it in accordance with the provisions of Articles 69 and 79 of the Administrative Licensing Law.

Article 35　If a securities company or its shareholders or actual controllers violate the regulations, fail to report relevant matters as required, or the information submitted contains false records, misleading statements or major omissions, the China Securities Regulatory Commission or its dispatched offices shall handle it in accordance with the provisions of Article 222 of the Securities Law.

Article 36　If a securities company provides financing or guarantee for its shareholders or their associates in violation of regulations, the China Securities Regulatory Commission or its dispatched office shall handle it in accordance with the provisions of Article 222 of the Securities Law.

If the shareholders of a securities company and their actual controllers force, instruct, assist or accept the securities company to provide financing or guarantee with the assets of securities brokerage clients or securities asset management clients, the China Securities Regulatory Commission or its dispatched offices shall handle it in accordance with the provisions of Article 86 of the Regulations on the Supervision and Administration of Securities Companies.

Article 37　Securities companies and their shareholders, actual controllers of shareholders or other relevant subjects violate these provisions, resulting in imperfect governance structure, imperfect internal control, chaotic operation and management, and violation of laws and regulations, and the China Securities Regulatory Commission or its dispatched offices shall handle it in accordance with the provisions of Article 70 of the Regulations on the Supervision and Administration of Securities Companies; If the risk control indicators of securities companies do not meet the requirements, which seriously endangers the stable operation of securities companies and damages the legitimate rights and interests of customers, it shall be handled in accordance with the provisions of Article 150 of the Securities Law; If a securities company is caused to operate illegally or has serious risks, it shall be handled in accordance with the provisions of Article 153 of the Securities Law.

Where the directors, supervisors and senior managers of a securities company violate these provisions, resulting in major violations of laws and regulations or major risks of the securities company, the China Securities Regulatory Commission or its dispatched offices shall handle them in accordance with the provisions of Article 152 of the Securities Law.

Article 38　If a securities company and its shareholders, actual controllers of shareholders or other relevant subjects violate these provisions, and the Securities Law, Regulations on Supervision and Administration of Securities Companies and other laws and administrative regulations do not provide corresponding measures or penalties, the China Securities Regulatory Commission or its dispatched offices may take regulatory measures such as ordering corrections, supervising talks, issuing warning letters, ordering public explanations, and ordering regular reports; For the directors, supervisors, senior managers and other responsible personnel who are directly responsible, regulatory measures can be taken, such as ordering corrections, supervising talks, issuing warning letters, ordering training, and identifying them as inappropriate candidates; And depending on the circumstances, the relevant subject may be given a warning and a fine of not more than 30 thousand yuan; Anyone suspected of committing a crime shall be transferred to judicial organs according to law.

Article 39　China Securities Regulatory Commission and its dispatched offices shall record the dishonesty of securities companies and their directors, supervisors, senior managers, shareholders and their actual controllers, relevant intermediaries and other relevant institutions or personnel in the capital market integrity file database in accordance with the relevant provisions of China Securities Regulatory Commission on integrity supervision and management, and share information with other government agencies through the national credit information sharing platform.

sequenceSishitiao　If a securities company fails to comply with these provisions for equity management, the China Securities Regulatory Commission may adjust the classification, supervision and evaluation categories of the securities company.

Chapter V Supplementary Provisions

Article 41　The term "above" and "not less than" as mentioned in these Provisions includes this number, and "below" and "over" does not include this number.

Article 42　When a securities company increases its registered capital and its shareholding structure has undergone major adjustment, it refers to the increase of its registered capital and the addition of shareholders or major shareholders holding more than 5% of the shares, or the change of the largest shareholder, controlling shareholder and actual controller of the securities company.

The change of shareholders holding more than 5% of the shares of a securities company refers to the addition of shareholders or major shareholders holding more than 5% of the shares of a securities company, or the change of the largest shareholder or controlling shareholder of a securities company.

The change of the actual controller of a securities company holding more than 5% equity refers to the new actual controller of a securities company holding more than 5% equity, or the change of the actual controller of a securities company.

Article 43　If the state has other provisions on the administrative transfer of state-owned shares of securities companies, the relevant requirements shall be followed.

Shares in a securities company involving the comprehensive operation of the financial industry, state-owned assets or the duties of other financial regulatory departments shall conform to the relevant policies of the state on the comprehensive operation of the financial industry, the management of state-owned assets and the relevant provisions of other financial regulatory departments.

Shareholders of foreign-invested securities companies shall also comply with the relevant provisions of the China Securities Regulatory Commission on the management of foreign-invested securities companies.

Article 44　Investors who purchase 5% of the shares of securities companies through the stock exchange shall put up signs according to law and report to the China Securities Regulatory Commission for approval. Before approval, investors may not continue to increase their holdings of the company’s shares. If the China Securities Regulatory Commission does not approve it, the investor shall make corrections within 50 trading days from the date of disapproval (excluding the suspension time, and if the shareholding is less than 6 months, it shall be corrected according to law after the shareholding is over 6 months).

Where investors purchase more than 5% of the shares of securities companies through the share transfer system, the provisions of the first paragraph shall apply mutatis mutandis.

Where an investor transfers the shares of a securities company through public trading on the stock exchange or the share transfer system, and the changes in the shares involved do not need to be approved or filed, the requirements stipulated in Articles 18 and 19 of these Provisions shall be exempted.

Article 45　These Provisions shall come into force as of the date of promulgation. Before the implementation of these provisions, if the provisions of China Securities Regulatory Commission on equity management of securities companies are inconsistent with these provisions, these provisions shall prevail.

　　The Third Plenary Session of the 19th CPC Central Committee thoroughly implemented the Supreme Leader’s Socialism with Chinese characteristics Thought in the new era, fully implemented the spirit of the 19th CPC National Congress, and deliberated and adopted the the Central Committee of the Communist Party of China Decision on Deepening the Reform of Party and State Institutions and the Plan for Deepening the Reform of Party and State Institutions, which fully reflected the firm determination and political courage of the CPC Central Committee with the Supreme Leader as the core to uphold and develop Socialism with Chinese characteristics and be brave in self-revolution, and reflected its foresight and mission commitment to the party’s leadership, national prosperity, national rejuvenation and people’s happiness. The "Decision" clearly stated that the goal of deepening the reform of party and state institutions is to build a functional system of party and state institutions with complete systems, scientific norms and efficient operation. This is a major strategic decision made by the CPC Central Committee with a far-sighted vision and a good assessment of the situation, and it is of far-reaching significance for the decisive victory in building a well-off society in an all-round way and winning the great victory of Socialism with Chinese characteristics in the new era.

　　First, deeply understand the significance of improving the functional system of the party and state institutions.

　　Our party has always attached great importance to the construction and reform of the party and state institutions. The 19th National Congress of the Communist Party of China clearly requires deepening the reform of institutions and administrative systems, making overall consideration of the establishment of various institutions, scientifically allocating the powers of party and government departments and internal institutions, and clarifying their responsibilities. The decision of the Third Plenary Session of the 19th CPC Central Committee to build a systematic, scientific, standardized and efficient functional system of the Party and state institutions is an important measure to implement the spirit of the 19th CPC National Congress, and it is also the refinement and concretization of the strategic deployment of the 19th CPC National Congress.

　　(1) The inevitable requirement of upholding and strengthening the overall leadership of the Party. The most essential feature of Socialism with Chinese characteristics is the Communist Party of China (CPC)’s leadership, the greatest advantage of Socialism with Chinese characteristics system is the Communist Party of China (CPC)’s leadership, and the Party is the highest political leadership. Only under the leadership of the Party can China be strong, national rejuvenation and people’s happiness. If our party wants to unite and lead the people to carry out great struggles, build great projects, advance great undertakings and realize great dreams, it must strengthen and improve the overall leadership of the party and constantly improve its ruling ability and leadership level. The party and state institutions are important carriers of the party’s governance. Deepening the reform of the party and state institutions, establishing and improving the party’s leadership system and mechanism for major work, optimizing the party and state organizations, and making overall arrangements for the party and state institutions are conducive to taking the overall situation of the party and coordinating all parties to implement it, and to ensuring the long-term governance of the party and the long-term stability of the country from the system. Only by firmly grasping the fundamental principle of upholding the Party’s overall leadership, resolutely safeguarding the authority and centralized leadership of the CPC Central Committee with the Supreme Leader as the core, and strengthening and optimizing the Party’s leadership in all fields and aspects, can we continuously enhance the Party’s political leadership, ideological leadership, mass organization and social appeal, and ensure that our Party will always maintain its vigorous vitality and strong combat effectiveness.

　　(2) Major measures to promote the modernization of the national governance system and governance capacity. The functional system of the Party and state institutions is an important part of Socialism with Chinese characteristics’s system, and it is also an important guarantee for governing the Party, rejuvenating the Party and governing the country. The overall goal of deepening reform in an all-round way is to improve and develop the Socialism with Chinese characteristics system and promote the modernization of the national governance system and governance capacity. Since the 18th National Congress of the Communist Party of China, General Secretary of the Supreme Leader has made a series of important expositions on deepening the reform of the Party and state institutions, promoted the reform of the Party and state institutions to make significant progress in some important areas and key links, and provided a strong guarantee for the historic achievements and changes in the cause of the Party and state. Deepening the reform of the party and state institutions is an important part of comprehensively deepening the reform, which is directly related to the improvement of the national governance system and the improvement of governance capacity, and plays an institutional support and guarantee role in promoting the overall layout of the "five in one" and coordinating the promotion of the "four comprehensive" strategic layout. Only by keeping pace with the times, reforming institutional setup and optimizing functional allocation can we widely mobilize the enthusiasm, initiative and creativity of all parties and improve the governance efficiency of the party and the state.

　　(C) the practical needs of perfecting and developing the Socialism with Chinese characteristics system. General Secretary of the Supreme Leader profoundly pointed out: "The purpose of promoting reform is to constantly promote the self-improvement and development of China’s socialist system and give socialism new vitality." Socialism with Chinese characteristics has entered a new era. From the 19th National Congress to the 20th National Congress of the Communist Party of China, it is the historical intersection of the goal of "two hundred years". In the face of the new requirements put forward by the new era and new tasks, the institutional setup and functional allocation of the Party and the state are not fully adapted to the requirements of promoting the overall layout of the "five in one" and coordinating the promotion of the "four comprehensive" strategic layout. In some areas, the institutional setup and functional allocation of the Party are not sound enough, the Party and state institutions overlap, their responsibilities overlap, their powers and responsibilities are out of line, and the division of powers and responsibilities between central and local institutions is not reasonable. If these problems are not solved in time, they will inevitably hinder the development of the cause of the party and the state. Only by strengthening the sense of hardship, adhering to the problem orientation, advancing with the times, deepening institutional reform, and focusing on solving the contradictions and problems existing in the institutional setup and functional allocation of the party and the state can we promote the formation of a more mature and stereotyped Socialism with Chinese characteristics system and give full play to the superiority of the socialist system.

　　(4) Adhere to the institutional arrangement of developing ideas with the people as the center. General Secretary of the Supreme Leader emphasized that "serving the people is the fundamental purpose of our party and the fundamental purpose of governments at all levels." No matter how the functions of the party and state institutions change, the purpose of serving the people will not change, and the essential requirements of building the party for the public and governing for the people will not change. In the new era, the main contradiction in our society has been transformed into the contradiction between the people’s growing need for a better life and the unbalanced development. The people not only put forward higher requirements for material and cultural life, but also have increasing requirements for democracy, rule of law, fairness, justice, security and environment. This requires that the Party and state organs must adhere to the people’s dominant position, implement the Party’s mass line, fully allocate ruling resources to better meet the people’s new diversified needs for a better life, improve the system and mechanism of making profits for the people, doing things for the people, solving worries for the people, safeguarding people’s rights and interests, listening to people’s voices and accepting people’s supervision, continuously enhance people’s sense of gain, happiness and security, and better promote people’s all-round development, social progress and common prosperity.

　　Second, accurately understand and improve the overall requirements of the functional system of the party and state institutions.

　　The situation determines the task, and the goal determines the path. To deepen the reform of the party and state institutions and improve their functional systems, we must adhere to the general tone of striving for progress while maintaining stability, adhere to the correct direction of reform, and accurately understand the main connotation and spiritual essence of complete system, scientific standardization and efficient operation.

　　A complete system means sound institutions, supporting functions and perfect mechanisms, focusing on solving the problem of the coverage of the functional system of the party and state institutions, ensuring the full coverage of the party’s leadership and ensuring that the party’s leadership is stronger. China’s national governance system is an institutional system for managing the country under the leadership of the party, and national governance ability is the ability to manage all aspects of social affairs by using the national system. The key to deepening the reform of the party and state institutions is to grasp the relationship between party leadership and state governance. The "Decision" and "Plan" focus on the overall leadership macro-planning and overall thinking of the party, and strive to build a closely linked and coordinated functional system of the party and state institutions. First, it is emphasized that the party’s overall leadership is an important goal and fundamental guarantee for deepening the reform of the party and state institutions. Under the guidance of strengthening the party’s overall leadership and the modernization of the national governance system and governance capacity, strengthening the party’s leadership over all work runs through all aspects of the reform and is implemented in all fields and links of the party and state organs to fully and correctly perform their duties. The second is to clarify the functional system of the reformed party and state institutions, including the party’s leadership system that takes the overall situation into account and coordinates all parties, the government governance system with clear responsibilities and administration according to law, the world-class armed forces system with China characteristics, and the group work system with extensive contacts and serving the masses, so as to promote the coordinated actions of the people’s congresses, governments, CPPCC, supervisory organs, judicial organs, procuratorial organs, people’s organizations, enterprises and institutions, and social organizations under the unified leadership of the party. Third, it is required to improve the institutional arrangements to ensure the party’s overall leadership and improve the party’s leadership and governance.Improve the party’s ability and determination to take the direction, seek the overall situation, formulate policies and promote reform, ensure the full coverage of party leadership, and ensure that party leadership is stronger.

　　Scientific standardization is to set up reasonable, strict procedures, and follow the law in GAI, focusing on solving the problem of the accuracy of the functional system of the party and state institutions, and constantly improving the level of institutionalization, standardization and proceduralization. The General Secretary of the Supreme Leader clearly demanded: "Where the government functions change, the rule of law construction will follow up." The key to deepening the reform of the party and state institutions is to grasp the relationship between deepening reform and promoting the rule of law. The "Decision" emphasizes that we must adhere to the unity and mutual promotion of reform and the rule of law, adhere to the joint promotion of governing the country according to law, governing the country according to law, and administering the country according to law, and adhere to the integration of a country ruled by law, a government ruled by law, and a society ruled by law. First, we should implement the requirement that all major reforms should be based on the law, emphasize the improvement of the functions of the party and state institutions in accordance with the law, perform their duties in accordance with the law, manage institutions and staffing according to the law, and play the role of the rule of law in regulating and safeguarding reforms. Second, strengthen the rule of law through reform, actively adapt to the needs of reform, promote the legalization of institutions, functions, authorities, procedures and responsibilities, and maintain the lasting vitality of the socialist rule of law in the process of continuous exploration, practice and improvement. Third, based on the current situation, focusing on the long-term, focusing on prominent contradictions, grasping key points, filling shortcomings, strong and weak items, and preventing risks, and providing guarantees for the decisive victory in building a well-off society in an all-round way from the functions of the party and state institutions; At the same time, we should pay attention to solving the long-term institutional problems, laying a foundation, establishing pillars and defining the structure, so as to create favorable conditions for the formation of a more perfect Socialism with Chinese characteristics system.

　　Efficient operation means coordinated operation, smooth implementation and strong supervision, focusing on solving the effectiveness of the functional system of the party and state institutions, and promoting the coordinated and efficient optimization of the functions of the party and state institutions. In view of the outstanding contradictions and problems existing in the current institutional setup and functional allocation of the Party and the State, the Decision emphasizes that we should focus on promoting the coordination and efficiency of the functions of the Party and the State, reform the institutional setup, optimize the functional allocation, deepen the transfer of functions, modes and styles, and improve efficiency and effectiveness. First, it is necessary to be scientific and reasonable, with the same powers and responsibilities, focus on the needs of development, the aspirations of the grassroots and the aspirations of the people, optimize the institutional setup and functional allocation, adhere to the principle that one department should co-ordinate matters in principle and one department should be responsible for one thing in principle, and strengthen the cooperation and linkage of relevant institutions to avoid the problems of multiple policies, unclear responsibilities and buck passing. Second, it is necessary to have unity and division, and to have a master and a second time, not only to set up the party and state institutions as a whole, but also to pay attention to the role of functional departments; It not only emphasizes that the central departments should concentrate on grasping major events and seeking the overall situation, but also fully mobilize local enthusiasm and do a good job according to local conditions. Third, it is necessary to perform their duties in place, the process is smooth, strengthen the cooperation and linkage of relevant institutions, strengthen supervision after the event, improve the ability to serve the masses, and make the party and state institutions more scientific, more optimized in functions, more coordinated in powers and responsibilities, more powerful in supervision and operation.

　　The system is complete, scientific and standardized, and operates efficiently. The three are interrelated and interconnected, but each has its own emphasis and different connotations, and it is an all-round and three-dimensional organic whole. A complete system is the foundation. Only by strengthening the top-level design and paying attention to overall planning can we ensure the scientificity and effectiveness of the reform by promoting all aspects, levels and elements as a whole. Scientific norms are the guarantee. Only by promoting development with good laws and ensuring good governance can we promote the complete and efficient operation of the functional system of the party and state institutions; Efficient operation is the key, and a complete system and standardized system will ultimately be reflected in the effective operation of institutional functions. The three are interactive, interlocking and indispensable. We should accurately understand and grasp its inherent requirements in practice, focus on strengthening the systematicness, integrity and coordination of reform, expand the breadth and depth of reform, promote the self-improvement and development of Socialism with Chinese characteristics’s system, and open up broader development prospects for Socialism with Chinese characteristics’s cause.

　　Third, make overall plans to grasp and improve the functional system of the party and state institutions.

　　Deepening the reform of the party and state institutions is a systematic project and must be carried out under the centralized and unified leadership of the CPC Central Committee. Party committees (party groups) at all levels should unify their thoughts and actions in the decision-making and deployment of the CPC Central Committee, strengthen the "four consciousnesses", strengthen the "four self-confidences", strengthen their responsibility, and accomplish the task of reforming the party and state institutions accurately, pragmatically, with high quality and efficiency.

　　(1) Improve the system and mechanism of upholding the leadership of the Party. Strengthening the Party’s leadership in all fields and aspects of work is the primary task of deepening the reform of the Party and state institutions. The "Decision" requires establishing and improving the Party’s leadership system and mechanism for major work, strengthening the Party’s centralized and unified leadership over major work involving the overall cause of the Party and the state, and optimizing the decision-making and deliberation and coordination institutions of the CPC Central Committee; Strengthen the leading position of Party organizations in organizations at the same level, and Party committees (leading groups) established in state organs, institutions and other non-party organizations should ensure that the Party’s principles, policies and decision-making arrangements are implemented; Give full play to the role of the party’s functional departments, and optimize the establishment and responsibility allocation of the party’s departments, party Committee offices, and party agencies; Co-ordinate the establishment of party and government institutions, and those with similar functions and close ties can be merged or co-located; Promote the reform of the party’s discipline inspection system and the state supervision system, and improve the party and state supervision system. The "Program" implements the above requirements, specifically makes arrangements for deepening the institutional reform of the CPC Central Committee, and puts forward reform tasks such as the establishment of the National Supervisory Commission (NSC). The implementation of these reform measures is conducive to safeguarding the authority of the CPC Central Committee and centralized and unified leadership, ensuring the smooth implementation of the Party Central Committee’s decrees and efficient work, and implementing the Party’s line, principles and policies.

　　(2) Adjust and optimize the functions of government agencies. Transforming government functions is an important task to deepen the reform of the party and state institutions. Since the reform and opening up, China’s government has undergone seven centralized institutional reforms, which have provided organizational guarantee for establishing and improving the macro-control system. However, there are still some institutional and institutional drawbacks that restrict the market from playing a decisive role in resource allocation and better play the role of the government. The "Decision" requires that relevant government functions be strengthened and improved around promoting high-quality development, building a modern economic system; Rationally allocate the functions of macro-management departments, strengthen the functions of formulating national development strategies and unifying planning systems, build policy coordination and work coordination mechanisms for development planning, finance and finance, improve the financial management system, and build a unified and efficient audit and supervision system; We will further promote decentralization, clean up and standardize various administrative licensing, qualifications, intermediary services and other management matters, and fully implement the negative list system for market access. The Decision also proposes to improve the market supervision and law enforcement system, reform the natural resources and ecological environment management system, improve the public service management system, strengthen the supervision after the event, and improve administrative efficiency. The Plan implements the above requirements, makes arrangements for deepening institutional reform in the State Council, and puts forward a series of major reform tasks. The purpose of implementing these reform measures is to adjust and optimize the establishment of government institutions, functional allocation and workflow, comprehensively improve government efficiency and build a service-oriented government that the people are satisfied with.

　　(3) coordinating various institutional reforms. This is an inevitable requirement to strengthen the centralized and unified leadership of the party and realize the optimization, coordination and efficiency of institutional functions. The "Decision" requires improving the layout of party and government institutions, rationalizing the relationship between party and government institutions, systematically planning and determining the reform of party and government institutions, and coordinating the allocation of resources; Deepen the reform of the National People’s Congress, the CPPCC and the judiciary, give full play to the functions of the NPC and its Standing Committee, promote the construction of the CPPCC’s ability to perform its duties, and improve judicial credibility; Deepen the reform of group organizations, improve the system of unified leadership of group organizations by party committees, promote the political, advanced and mass nature of group organizations, and give full play to the role of group organizations as a bridge and link between the party and the government and the people; Promote the reform of social organizations and improve the social governance system of party Committee leadership, government responsibility, social coordination, public participation and rule of law guarantee; Accelerate the reform of public institutions, realize the separation of government affairs and enterprises; Deepen the cross-military reform of the armed police force, militia and reserve forces, and promote the reform of the public security forces in active service. The implementation of these reform measures is conducive to rationalizing and optimizing the responsibilities of the Party’s departments, state organs, mass organizations and institutions, enhancing the Party’s leadership, improving the government’s executive power, stimulating the vitality of mass organizations and social organizations, enhancing the combat effectiveness of the people’s army, making all kinds of institutions organically connected and coordinated, and promoting and complementing each other in various reforms to form an overall effect.

　　(4) Reasonable establishment of local institutions. Local authority comes from the authority of the CPC Central Committee, and local work is the concrete implementation of the decision-making and deployment of the CPC Central Committee. On the premise of ensuring the smooth implementation of the Party Central Committee’s decrees, local governments can be given more autonomy in matters that are more directly and efficiently managed by lower levels. Judging from the reality, the functions of central and local institutions in some fields are generally rough, the establishment and power allocation of grass-roots institutions need to be improved, and the ability to organize and serve the masses needs to be further improved. This requires a reasonable definition of functional allocation among different levels, optimization of institutional setup, and giving full play to their respective comparative advantages. The "Decision" requires that the establishment of local institutions should ensure the effective implementation of the CPC Central Committee’s principles and policies and national laws and regulations, and ensure that the top and bottom are connected and implemented effectively; Strengthen local governance capacity and delegate economic and social management matters that are directly oriented to the grassroots, large in quantity and wide in scope, and more convenient and effective for local implementation to local governments; Build a simple and efficient grass-roots management system, improve service methods, and maximize the convenience of the masses; Standardize the vertical management system and the local hierarchical management system, and straighten out and clarify the relationship between power and responsibility. The implementation of these reform measures will give full play to the enthusiasm of the central and local governments, build a smooth, dynamic and forbidden work system from the central to the local governments, and provide a strong institutional guarantee for winning the victory in building a well-off society in an all-round way, starting a new journey of building a socialist modernized country in an all-round way, and realizing the Chinese nation’s great rejuvenation of the Chinese dream. Yang Xiaodu